Real Money

Titan Lands Navy IT Contract

The deal has a potential value of nearly $195 million.

Communication systems developer Titan ( TTN) said Wednesday it received a contract from the U.S. Navy potentially valued at $194.8 million.

The contract requires Titan to provide the Navy with information technology and infrastructure support, as well as a host of other IT services, the company said in a press release.

"With this single contract award, the company further enhances its partnership with a key client, while leveraging Titan's broader support to the defense intelligence community," said Gene Ray, Titan's president, chairman and CEO.

Titan provides information technology and communication services to the Department of Defense and other government agencies.

The company's shares were up 2%, or 20 cents, at $10.20 in afternoon New York Stock Exchange trading.